ATR and Centurion merge to create global oil and gas rental group
Centurion Group and ATR Group are to merge to create a global player in the oil and gas rental equipment and services market. The combined group, which will have a combined turnover of over £100 million, will operate from bases in the UK, Netherlands, Caspian, Singapore, Australia and the U.S.
The Group will continue to be headquartered in Aberdeen with ATR's chief executive, Keith Moorhouse and chief financial officer, Euan Leask becoming CEO and CFO respectively. Centurion's acting CEO, Peter Stuart will take on the role of Chairman of the combined entity, while Alan MacLeod, Centurion's CFO, will assume the role of Director Of Integration.
Centurion Group provides specialist rental equipment and services on a global scale to both the oil and gas and the mining sectors. It comprises six business units: Conserve Oilfield Services, Jacks Winches, RentAir Offshore, Seanic Ocean Systems, Tristar Water Solutions and Mining Camps Australia.
ATR Group is a leader in the rental, sale and inspection of specialised equipment to the petrochemicals, marine, subsea and offshore oil and gas industries. Its five business units are ATR Equipment Solutions, ATR Lifting Solutions, ATR Power Solutions, Underwater Engineering Services and Safety & Technical Hydraulics.
Mr. Moorhouse said: "This is a great deal for both parties and their shareholders, all of whom remain in the business. It is also good news for the industry in general, especially at this difficult time. By combining our strengths and creating synergies, we will have a group that is significantly greater than the sum of its parts."
"The merger puts us in a strong and stable position to deliver wider, cost-effective solutions, and on a global basis, that will appeal to our customers' in today's difficult market. The wider geographic footprint provided by the merger will allow us to provide our fleet management services over a number of locations, enabling us to increase operational efficiencies for our customers."
Corporate finance advisers to the energy industry, Simmons & Co, advised on the deal. Nick Dalgarno, managing director of Simmons & Co commented: "The merger brings together two groups with a natural fit to provide the scale to withstand the current challenges, deliver greater value for customers and realise opportunities which would not be available on a stand-alone basis. The enlarged group will be very well positioned to win the recovery, when it comes."« Full news section